![83162746-58b9cd0c5f9b58af5ca7a136[1].jpg](https://images.hive.blog/768x0/https://steemitimages.com/DQmXbv9AZypHigc9JPoJ46RagQMeKzqL8k1WwKZGdFN2V5T/83162746-58b9cd0c5f9b58af5ca7a136%5B1%5D.jpg)
Hello Dear Steemit friends,
A few days ago, a bachelor student from Pakistan moved to my dormitory and I had the opportunity to get a glimpse into bitcoin's role in Pakistan. Here the essence of this conversation:
His father bought approximately 500 BTC in 2012 (which were under 10$ at the time) because a tech-savvy friend of the family recommended him to do so. He is holding most of them till this day.
His father also owns a leather business, which exports to international clients. To circumvent high international transaction fees and taxes (about 6%), his father preferably does international business in BTC.
Generally, all people in Pakistan know about bitcoin and he estimated that 10-15% of the population there own "some" amount of bitcoin - even if only very little. Mainly because of inflation and for the purpose of tax circumvention.
Also, his father knows some politicians: These guys do all of their non-legit business in BTC because of the sums involved and to not get caught.
Before this intel, I thought that merely countries with very serious monetary issues like Venezuela, Cyprus or India were starting to adopt bitcoin on a larger scale - but apparently I was wrong. Who knows what might be happening in other 3rd world countries that we know nothing about.
The takeaway message is: HODL your crypto. Cheers ;)
Always nice to talk with foreign people, for sure about topics you're really interested in! Fun facts about BTC in Pakistan :-) thanks for sharing!